EL DORADO HILLS REAL ESTATE MARKET SNAPSHOT
HISTORIC SELLERS MARKET!
July 7, 2020
By Jim Barnes RE/MAX GOLD
COVID-19 has distorted the supply and demand equation in the real estate market, with many sellers reluctant to list during the pandemic. The inversion of pending sales to active listings jumped today to 117%. I’ve never seen more pending sales that active listings in El Dorado Hills since I started doing market analysis here since 2007. Today there are only 135 homes for sale (compared to 224 active listings one year ago) and 158 homes in-contract in El Dorado Hills. Buyers are impatient and are frustrated with the lack of choices.
El Dorado County is showing similar sales trends and Folsom is even tighter.
The best way to gauge current market activity is to look at the number of pending sales in relation to the number of active listings. The higher the ratio, the more vibrant the market is for sellers.
El Dorado Hills sales activity by price range:
From CAR : Buyer demand is strong.
Buyer demand is strong, with mortgage applications up 18 percent from this time last year. A survey from Helitech found 37 percent of buyers are willing to risk exposure to COVID-19 if it meant securing the right home. And according to Redfin, a record high of 27 percent of home shoppers are searching for homes in different metro areas, looking to relocate to more affordable, less dense regions. (Bay Area buyers)
